Thinking of changing real estate brokerages? Here’s what real estate agents must consider when changing brokerages.
Some brokerages are part of a local or national franchise company. With that comes a franchise fee paid by all the agents.
How much must you pay annually in franchise fees?
Not every franchise charges the same fee. So, you must shop around to ask the brokers about their franchise fee.
Every brokerage maintains a commission plan.
The splits between the broker and agent differs between companies. Some charge an even 50/50 split. Others vary from 60/40, 70/30, 80/20, and 90/10.
Extra fees might include:
- Desk fee;
- E&O insurance;
- Transaction Coordinator (TC) fee;
- Per transaction administrative fee;
- Equipment usage fee;
- MLS fees;
- Training classes; and
- Broker support fees.
Some brokerages are very transparent about all their fees. Others are not and charge “hidden fees” unknown until after the agent moves to a new brokerage and brings in the first commission.
Agents need to ask many questions about a prospective broker’s commission plans and fees. Read the broker & associate brokerage agreement very carefully. Especially regarding the commissions and fees.
How much support the brokerage provides for lead generation?
What does the broker support include?
These questions require solid answers because lead generation often results from the tools and broker support a real estate company provides for its agents.
Real Estate Professionals
As a real estate professional, you need broker support. This includes training and courses to keep up with new trends in your real estate market.
If new to the area, an experienced mentor provides support to new agents to familiarize with the community and neighborhoods. How things get done in a particular company requires help from a seasoned mentor.
MLS systems and tools vary in every area. Local MLS use different computerized systems nationally with various unique features and tools. A mentor helps to solve this puzzle too.
The local real estate market demands knowing all its perks and nuances. Again, a mentor helps new agents cut through the mystery and quirks of the real estate market.
You’re Real Estate Career
The success of your real estate career depends on making the right choice when moving to a different brokerage.
That’s why over 900 agents chose our completely 100% Commission Plans. No hidden fees. Totally transparent 100% commissions. Our only fees include:
- $3,600 per year [or less] with 3 ways to pay ($50 per month, $300 a month, or a $3,000 yearly payment);
- $165 E&O fee per transaction; and
- $125 administrative fee per transaction.
We also provide you with:
Steven Rich, MBA – Guest Blogger
We hope you liked our blog on “What Real Estate Agents Should Consider When Changing Brokerages”. For more local real estate related articles check out one of our many blog pages here.
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Call: (800) 550-3209
Big Block Realty – 100% Commission Real Estate Brokerage